Tejnaksh Healthcare Limited is a specialized, integrated healthcare provider in India, primarily focused on super-specialty urological care and multi-specialty hospital services. The company operates a vertically integrated business model that spans clinical consultation, advanced surgical procedures, diagnostic pathology, and the research and development of medical devices. --- ### **Core Clinical Verticals and Service Spectrum** The Group operates as a **Single Segment** entity under **Medical and Healthcare Services**, providing a comprehensive continuum of care from initial investigation to complex surgical interventions. Its clinical expertise is categorized into four primary streams: * **Pediatric Urology:** Specialized care for congenital and acquired urological conditions in children. * **Adult Urology (Male and Female):** Comprehensive management of urinary tract disorders. * **Andrology and Sexual Dysfunction:** Dedicated services for male reproductive health. * **Nephrology, Dialysis, and Renal Transplant:** Advanced kidney care and renal replacement therapies. --- ### **Strategic Facility Network** The company operates a hub-and-spoke model across Maharashtra, balancing high-volume metropolitan centers with specialized facilities in underserved regions. | Facility Name | Location | Specifications & Strategic Importance | | :--- | :--- | :--- | | **Institute of Urology** | **Dhule** | A **24,000 Sq. Ft.** flagship campus; international standard kidney care center; recognized for **DNB (Urology)** postgraduate training. | | **Care Point Hospital** | **Uran, Navi Mumbai** | Acquired on **July 09, 2021**, for **₹7.14 Crores** via e-auction to expand the Navi Mumbai footprint. | | **Koparkhairane Facility** | **Navi Mumbai** | Multi-specialty healthcare services catering to the urban population. | | **Corporate Office** | **Vikhroli, Mumbai** | Centralized administrative hub located at Kailash Business Park. | --- ### **Revenue Composition and Recognition** As of the fiscal year ended **March 31, 2024**, the company’s revenue is diversified across services and products: * **Healthcare Services (81.70%):** Includes consultation fees, surgical procedures, and pathology. Revenue is recognized as **performance obligations** are satisfied over time (IPD/OPD). * **Sale of Products (18.88%):** Includes medical devices and pharmacy sales. Revenue is recognized at a **point in time** upon delivery. Transaction prices are measured at **fair value**, net of returns and trade allowances. --- ### **Innovation Pipeline and Intellectual Property** A key differentiator for Tejnaksh is its focus on R&D through its subsidiary, **Tej Vedaant Healthcare Private Limited** (75% to 99.99% stake), which manages a **DSIR-approved** research lab (valid through **2027**). * **Pflow:** A **patented**, portable, home-based urine flow measurement device for early kidney issue detection. It gained national prominence on **Shark Tank India Season 2** and was recognized by **Dassault Systemes** at the **Global Innovation Forum in Paris (2023)**. * **Surgical Irrigation Device:** A **jointly patented** Indian innovation that monitors pressure during kidney stone surgeries to enhance patient safety. * **Medical Simulation:** The company is a pioneer in Indian medical simulators, securing export orders (e.g., **USD 17,359** for **Uzbekistan**) and conducting training in **Singapore** and **Dubai**. * **Leadership Credentials:** Managing Director **Dr. Ashish V. Rawandale** holds **11 patents** and multiple global records (Guinness, Limca) for urological achievements. --- ### **Growth Strategy and Capital Allocation** The company is currently executing a modernization and expansion phase, supported by a proposed **Rights Issue** of up to **₹7.25 crore**. To facilitate this, the **Authorized Share Capital** was increased to **₹15.50 crore** in early 2025. **Planned Utilization of Funds:** * **Infrastructure (₹3.75 crore):** Construction and renovation of **Tej Vedant Hospital (Navi Mumbai)** to meet corporate standards. * **Equipment (₹3.50 crore):** Acquisition of high-tech diagnostic (X-ray, USG) and OT equipment for **Dhule** and **Navi Mumbai**. * **Digital Transformation:** Integration of **AI-driven diagnostics** and **IoMT** (Internet of Medical Things) to improve patient outcomes. --- ### **Financial Performance and Solvency** Tejnaksh has demonstrated a trajectory of rising profitability and aggressive deleveraging. **Key Financial Metrics (Consolidated):** | Metric (₹ in Crore) | FY 2024-25 | FY 2023-24 | FY 2022-23 | | :--- | :--- | :--- | :--- | | **Total Revenue** | **9.15** | **8.50** | **7.57** | | **Net Profit** | **2.62** | **1.81** | **1.38** | | **Net Worth** | **25.41** | **22.78** | **20.95** | **Capital Structure Highlights:** * **Debt Profile:** The company transitioned to a **Net Cash** position in FY25, with standalone borrowings dropping from **₹410.94 Lakh** to **₹63.20 Lakh**. * **Stock Split:** Completed in July 2023, subdividing shares from **₹10** to **₹5** face value to enhance liquidity. * **Arbitration Gain:** Received a net award of **₹1.39 Crore** in Q4 FY25, which was adjusted against **Goodwill** (remaining Goodwill of **₹2.11 Crore** to be amortized over 5 years). --- ### **Risk Assessment and Mitigation** #### **Operational and Strategic Risks** * **Concentration Risk:** The **Institute of Urology, Dhule**, currently generates the vast majority of the Group's income and EBITDA. * **Asset Ownership:** The Dhule facility and Corporate Office are leased from **Promoters**; any termination of these leases would require significant relocation capital. * **Litigation:** The **Uran hospital building** acquisition is currently challenged at the **Debt Recovery Tribunal III, Mumbai**, by a previous borrower alleging auction deficiencies by the Bank of Baroda. #### **Financial and Market Risks** * **Credit & Liquidity:** Credit risk is **minimal** as most services are cash-based. Liquidity is managed through strong operating cash flows (**₹2.61 Crore** generated in 9M FY25). * **Interest Rate Risk:** The company remains exposed to **floating rate debt**, though total leverage has decreased significantly. #### **Regulatory and Governance Risks** * **Compliance:** The company must adhere to strict **bio-medical waste** and **patient confidentiality** laws. It has assessed the **New Labour Codes (2025)** and expects **no material impact** on expenses. * **Promoter Influence:** The **Promoter Group** maintains majority control, which dictates the outcome of shareholder votes and related-party transactions (currently conducted at **arm’s length**). * **Human Capital:** High dependency on the specialized skills of **Dr. Ashish Rawandale**, whose term was recently extended to **2030**.